Stressed Advisors Get Reg BI Resources But No Reprieve
May 20, 2020 by Rich Blake
The stunning statement by Securities and Exchange Commission (SEC) Chairman Jay Clayton came on April 2, at the height of the pandemic emergency: there would be no extension of the June 30 deadline for complying with Regulation Best Interest.
If the announcement had come one day earlier it might have been discarded as a cruel hoax. Once the sense of disbelief – that the agency could be so out-of-touch/unforgiving in such stressful times – had abated, it fell to compliance leaders to look ahead toward the clear path laid out in terms of precisely what will be expected.